Legendary toy retailer FAO Schwarz will reopen its landmark Manhattan store on Thanksgiving Day, just in time for the holidays.

The 65,000-square-foot store at Fifth Avenue and 58th Street has been shuttered since January, soon after the investment firm D.E. Shaw bought the then-bankrupt FAO.

In the ensuing months, the store was gutted and completely renovated at an undisclosed cost.

Gone are some FAO icons like the Clock Tower and Robot Elevator.

What was once a labyrinth of crowded, somewhat claustrophobic rooms have been opened into a grand hall capped by a 30-foot ceiling fitted with 20,000 computerized lights.

Also new are floor-to-ceiling windows.

In an attempt to attract older kids, a lower level Rec Room has big-screen TVs, a Vespa shop, and a video arcade.

There’s also an old-fashioned ice-cream parlor, where the special is a “volcano” made from 26 ounces of chocolate that holds 12 scoops of ice cream and sells for $100.

After taking a beating last year from discount stores that sharply reduced prices on popular holiday toys, FAO has focused on exclusive products, Jerry Welch, the retailer’s chief executive, said yesterday.

“What you have in here,” Welch said – gesturing to a $50,000 gas-powered Ferrari and a life-size replica of the giant keyboard used in the movie “Big” that sells for $150,000 – “you won’t find at the discounters.”

Not every item is meant to break the bank. There’s a one-of-a-kind Hot Wheels Factory, where for $20, kids can design their own miniature car.

For $40, girls can create their own Madame Alexander Doll, choosing the skin tone, hair and eye color, a service available only at FAO’s New York and Las Vegas stores.

Many portions of the store are more traditional, including a huge display of plush toys offering items that range from a $7.99 teddy bear to a $15,000 life-size elephant.

Aspiring fashion designers can submit drawings, and for $800 an FAO couturier will construct the outfit.